What is the full form of GDP - GDP full form

What does GDP mean?

GDP Full Form

                                       The Full form of GDP is Gross Domestic Product. GDP is the total market value of all the goods and services produced within a country in a specific duration of time. GDP measures the monetary value of final goods and services – that is, those that are bought by the final user – produced in a country in a given period of time. It is used to measure the size of an economy and overall growth or decline in the economy of a nation.

                                   It indicates the economic health of a country as well as specifies the living standard of the people of a specific country, i.e. as the GDP increases the living standard of the people of that country increases. A country having good GDP is considered as a good country for living purpose. In India, there are three main sectors that contribute to GDP; industry, service sector and agriculture including allied services. GDP is the primary indicator to determine the growth of a country’s economy.